UK growth 'set to accelerate' to 1.5% next year, says IMF

Published On Oct 22, 2024, 9:01 AM

The International Monetary Fund (IMF) has raised its growth forecast for the UK economy to 1.1% for this year, up from a previous expectation of 0.7%. This suggests a modest acceleration in the UK economy compared to global trends. The Chancellor has acknowledged the IMF's positive outlook but emphasized the need for further work, especially in light of upcoming tax rises and spending cuts aimed at raising £40 billion. Overall, the global economy shows resilience, with the US economy expected to grow even more robustly at 2.8%. The IMF advocates for maintaining and boosting public investment to enhance growth, particularly in digital and infrastructure sectors.